Gazprom Neft, EDC sign agreement

May 23, 2014

Gazprom Neft has announced the signing of a three-year framework agreement on drilling and well reconstruction with  drilling service provider Commonwealth of Independent States Eurasia Drilling Company Limited (EDC).

Under the terms of this agreement, Gazprom Neft has estimated the full range of drilling services required by its subsidiary production companies to be provided by EDC’s regional affiliates. EDC guarantees the required capacity and technological performance of its equipment.

The agreement also outlines a pricing formula for the work. The scope and pricing of the work will be adjustable, with the consent of both parties, in line with changing market conditions. Both parties emphasized their interest in long-term cooperation to further improve technological standards of well-drilling services in Russia, consistent with international best practice.

EDC is expected to undertake approximately 25–30% of all of the drilling works of Gazprom Neft subsidiaries.

Image from Gazprom Neft.



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